A South African court on Tuesday approved an application by the central bank to wind up VBS Mutual Bank, which was caught up in a corruption scandal this year.

A report commissioned by the South African Reserve Bank and titled “The Great Bank Heist” found that at least 1.9 billion rand ($132 million) had been looted from VBS and that its financial statements had been misstated.

VBS was thrust into the spotlight in 2016 when it provided a 7.8 million rand loan to then-president Jacob Zuma to reimburse the state for lavish upgrades to his private residence including a swimming pool and amphitheatre. ($1 = 14.3926 rand)

This article has been summarised, the full original article can be found at af.reuters.com